Measuring economic performance 0.0 / 5 ? EconomicsEconomic GrowthASEdexcel Created by: cdownieCreated on: 04-03-15 20:17 What is economic growth a measure of an increase in real GDP 1 of 5 What is potential economic growth The measure of the increase in capacity in an economy (outward shift in PFF curve) 2 of 5 What is a recession Two consecutive quarters of negative economic growth 3 of 5 What is likely to happen in a recession Less spending, income and output in the economy. Also likely to lead to firms closing, increased unemployment and a fall in living standards. 4 of 5 What does an increase in GDP cause Likely to cause an increase in standards of living, so people can afford more goods and services or feel that their lives are better. 5 of 5
OCR AS Economics - The National and International Economy Tick Sheet 5.0 / 5 based on 1 rating Teacher recommended
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